1. What are the Advantages and Disadvantages of Partnerships? explain What is the difference between...
70.2K
Verified Solution
Link Copied!
Question
Accounting
1. What are the Advantages and Disadvantages of Partnerships? explain What is the difference between a limited partnership and a limited liability partnership? 3. On January 11, 2023, Olivia Tsang and David Breck organize as a partnership called the Landing Zone. Their business offers year-round facilities for skateboarding and snowboarding. Tsang's initial net investment in the Landing Zone is $30,000, made up of $7,000 in cash, equipment with a fair value of $33,000, and a $10,000 note payable reflecting a bank loan for the busines due in six months. Breck's initial investment is cash of $10,000. These amounts are the values agreed upon by both partners. The entries to record these investments are: 4. Original Works Partnership was formed by three friends with the vision of selling cellphone cases to artists embellished with original artwork. Partner A invested $50,000 cash, Partner B contributed equipment worth $75,000, and Partner C transferred land worth $180,000 along with the related $100,000 note payable to the partnership. Calculate the total eruitv for Partners B and C
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
